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Azim Premji Trust Sells Wipro Shares Worth Rs. 1530 Cr. To Support Education

To fulfill one of the dreams of Azim Premji, he is going to sell Rs. 1,530 crore company’s shares in the market and will gather money to establish an education institute, which is very close to his heart.

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The Azim Premji Trust was presented with 213 billion shares of Wipro in December 2010 (valued then at 8846 crores), will sell 35 million of them, the first time it is doing so since the donation was created. Premji at the age of 66, like Bill Gates and Warren Buffet, is going to invest about $ 16 billion for enhancing the education system of India.

This trust was set up a decade ago with 1000 crore worth Wipro shares. Citigroup Global Markets, Morgan Stanley India, UBS Securities India and Credit Suisse Securities India will direct the sale process. Wipro’s shares closed at 437.15 on the Bombay Stock Exchange on Monday.

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